"Sum, if Cliffs goes after NOT, it will go down very much like FWR and SPQ, with shareholders talking big, and then being forced to take an amount which is multiple times less than they felt the company was worth."

Yes.... IF. And more importantly IF they do it at the right time. Timing is everything. You'll remember that offers for NOT for $5 were turned down by Nemis. Are we worth less today to those entities? Because CLF is on the scene does that mean that everyone has gone away? SPQ and FWR were Cr plays. Not a lot of interest out there for Cr surprisingly but we all know why that is. NOT on the other hand is a smorg. of minerals and the only one so far that is. As I noted in my last post, nothing is certain on either side of the fence but I think you should note the intentions of the other plays. They were always about exploring and selling. Tired old guys who wanted out and to move on. The NOT BOD are just getting started. These guys are finishers. Psych. is all important as to whether you win the game or not. It's not always who is the most powerful but who is the more stealthy. We'll see what NOT has up their sleeves and who may also be hiding in the darkness. Wouldn't it be interesting to find that NOT has already allied with a group that intends to partner this into the mine stage.